About The Federal Savings Bank
The Federal Savings Bank was founded in 2000 and is headquartered in Chicago, Illinois. It is one of the largest privately held veteran-owned banks in the U.S.
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The Federal Savings Bank Overview
The Federal Savings Bank is a full-service bank that offers CD, checking, money market, and savings accounts out of its two branches in Chicago and Lake Forest, Illinois. Although the bank has many service centers throughout the country, those are for mortgage-related business only. It also offers fee-free access to more than 55.000 MoneyPass ATMs nationwide. The bank offers competitive APYs on all of its CD accounts as well as its money market.
| Most of its CDs offer competitive APYs. | There are only two banking branches, both located in Illinois. |
| Competitive APYs on its money market account. | All CD account require a higher minimum opening deposit. |
| No monthly service charges on any of its account. | The money market account requires a higher minimum opening deposit. |
The Federal Savings Bank Product Offerings
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. The Federal Savings Bank offers CDs with terms ranging from one to five years. It offers competitive APYs on all of its CDs, with most offering yields at or above the national average of 2.42%.Here are the details for some of the bank's CD offerings for the month! and 2024:
Checking Accounts
The Federal Savings Bank offers two personal checking accounts. Both accounts are basic checking accounts that offer APYs below the national average of 0.23% for checking accounts. All accounts have no monthly service charges and a low minimum opening deposit. Here are the latest account details for July 2024:
Why we chose it?
What to watch for
Why we chose it?
What to watch for
Money Market Accounts
A money market account is an interest-bearing hybrid between a savings account and a checking account. The Federal Savings Bank offers one money market account, which offers a competitive APY higher than the national average of 0.64%. Here are the account details for July 2024:
Why we chose it?
What to watch for
Savings Accounts
A savings account is an interest-bearing account that pays you interest while you save for your financial goals. The Federal Savings Bank offers one savings accounts, which is a basic savings account with an APY lower than the national average of 0.64%. Here are the latest savings account details for July 2024:
Why we chose it?
What to watch for
The Federal Savings Bank Features
The Federal Savings Bank's customer service line is available during normal business hours and via their 24-hour automated line for basic account information and transactions. It also offers an easy-to-use mobile app that allows customers to check balances, deposit checks, pay bills, and transfer money between accounts.
The Federal Savings Bank FAQs
What is the daily withdrawal limit?
Does The Federal Savings Bank use Zelle?
Is it safe to bank with The Federal Savings Bank?
Does The Federal Savings Bank have any branches?
Our Take
The Federal Savings Bank is a small, regional bank that has a banking arm to complement its much larger mortgage business. It offers competitive APYs on all of its CDs and a somewhat competitive APY on its money market account. With it being a small bank that only operates two branches in Illinois, it is most likely best suited for residents of Chicago and Lake Forest and the military personnel it caters to.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.